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CHOICE member Andrew Ward occasionally sells second-hand bikes and other equipment through online marketplaces and uses PayID, saying he finds it convenient. PayID was launched in 2018 as a function of the New Payments Platform (NPP), a system designed by banks to allow for faster transactions in Australia. Checking details at every step of the process can help to ensure funds land in the right bank account. A bank transfer involves remitting funds from one bank account to another account. People who don’t know anything about PayID and haven’t yet registered with the service are a prime target for scammers Zhong says people who don’t know anything about PayID and haven’t yet registered with the service are a prime target for scammers. Here’s how the scam typically goes, although there are a number of variations. He also finds it safer than using cash when trading expensive items. You can do this anytime in Online Banking or the Westpac App and you don’t need to tell anyone you’ve changed the account your PayID pays into. But with PayID, they have the reassurance of seeing that it’s you they’re paying (because your account name appears on screen) before they confirm the payment. The payer sees your name on their screen, reassuring them that they’re paying the right person. Download the app today for a more convenient banking experience. Having a PayID means people can transfer money to you faster with money going into your account within 60 seconds in most instances. However, it still has almost the same capabilities for buying BTC as Independent Reserve, including an OTC desk. However, you’ll still benefit from highly favourable trading fees and very high liquidity, making the trading of BTC and most altcoins simple and fast. The platform supports 100+ major cryptocurrencies, including Bitcoin, Ethereum, Solana, USDT, and USDC. They typically require several steps or use third-party providers for on-ramping, which isn’t ideal for liquidity. Moreover, reputable crypto wallets are frequently safer than exchanges, and typically non-custodial. However, the significant downside here is that they primarily offer contracts for difference, meaning you don’t get to own BTC directly. Access a complete payments solution with simple, pay-as-you-go pricing that lets you get started in minutes with no setup fees. A single integration and extensive documentation mean faster time to market, less maintenance of legacy systems, and more focus on customer and product experiences. Using Link to give customers the option to easily pay with their bank accounts puts us in a position to tick all those boxes while providing access to an increasingly popular mode of payment. 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